$ETH is exhibiting strong bullish momentum supported by key on-chain and technical signals, with the Fusaka upgrade emerging as the main catalyst sparking a new wave of speculative interest.

Whale activity and staking dynamics continue to shape market structure, while historical precedents (such as the 50% surge driven by the Pectra upgrade) further reinforce market expectations for another explosive rally.
Macro-level bullish factors—including ETF approvals, institutional capital inflows, and a rebound in the Fear & Greed Index from lows—are also boosting market sentiment, creating an overall environment highly conducive to a "Santa Claus rally."
As traders aggressively rebuild positions, leveraged long positions have surged rapidly, with more than $116 million in short positions liquidated over the past 24 hours—surpassing even the scale of Bitcoin short squeezes and highlighting intense buying pressure.
The key technical level around $3,200 is being strongly defended, with $3,500 seen as the next breakout target.
While some investors remain skeptical about the appeal of staking yields compared to fixed-supply assets, demand for yield-generating blue-chip assets continues to sustain capital inflows into ETH, driven by the expansion of the Base chain ecosystem and the trend toward real-world asset tokenization.